The Marxist academic was apparently replaced as lead negotiator in Greece’s bail-out talks after he was labelled a “time-waster, gambler and amateur” by a participant in a crucial eurozone finance meeting last week.

Mr Varoufakis warned that the eurozone “does not have a future if it doesn’t change”, but that was not to say that Greece had to leave, because backtracking now would lead to “an unforeseen negative situation”.